Insurers should actively prepare for blockchain
innovations which are emerging as game-changers in the insurance
industry.
All eyes are on blockchain.
Blockchain has become a fixation in the financial sector,
perceived as a force multiplier for organisations seeking to
overturn outdated business models.
Blockchain's value-adding capabilities also present an
enormous opportunity for the commercial insurance landscape to
improve the efficiency and security of its processes, to the
advantage of all concerned, because it can be used across the
entire insurance value chain to reduce operating costs and increase
security, in exchanging and entering data in areas including
underwriting, policy issuance, claims and reinsurance. A blockchain
platform can accelerate processing, improve data quality, reduce
the scope for fraud and provide real-time transparency into the
status of transactions. It will not, however, affect the duty of
disclosure, the need for utmost good
